US deficit projected to reach $1.9 trillion this year

C'mon bro. You know we are fighting a pandemic. Expect $2,000,000,000,000+ deficits until we can get the flu errrrr I mean Covid under control. Do your part and mask up. Social distance. And avoid family gathering of 5 or more people. Then you will see some deficit reduction.

 

If you were worried, you’d favor raising taxes. Don’t pretend otherwise

 

$315 Trillion in global debt. Debt is actually an efficient use of capital to drive innovation and growth.

World Debt Clocks

 

Trump's out there running on making tax cuts permanent and exempting the military and social security from budget cuts. Deficit hawks be like:

 

Why should I be worried when half of you are ready for the next tax cut?

 

Correction city; Debt CAN be an efficient use of capital.

Our government borrowing over $100K in the name of each and every us resident and over $200K in the name of each and every taxpayer cannot in any way, shape or form be called efficient. Borrowing an additional $6K/$12K this year on top of that certainly doesn’t help.

 

Both parties are to blame, it takes 2 to tango. However, the Biden Administration has willfully spent $ like a drunken sailor on Saturday night shore leave going against the admonition of the Fed Reserve to reduce fiscal spending.

Yes, the deficit spending at this level has helped to create the highest inflation since the early 1980s.

Trump's win in 2024 will keep the tax cuts that took effect in 2018 in place. No, I don't think he will get more tax cuts, nor do I think he will get tips exempted from taxes, political statements designed to win votes. The majority here should be familiar with this ploy as Lyin' Biden makes these promises all the time, opens mouth and another lie falls out. He's still working on student loan debt forgiveness part deux until the SCOTUS shoots him down again. Are these people stupid enough to fall for the BS again?

 

What would Trump's boneheaded proposal to replace income taxes with tariffs do to the deficit lol?

 

If there’s one thing that’s been bipartisan it’s both parties running huge deficits while criticizing the other party for running a huge deficits.

And no one really knows how or when this ends but if/when it ends badly it will be instantaneous and we won't know what hit us.

 

As much as the gop likes to talk about the deficit, they only give a damn when the Dems are in power. That and tax cuts for their rich owners only adds to the problem. Trickle down was debunked a long time ago.

 

You're so narrow-minded, summarily rejecting his outside the box thinking. Today he came out to state that under his administration, all cryptocurrency will be manufactured in the United States. Again, the guy thinks outside the box.

 

The next Republican president to leave office with the deficit in better shape than when he took over will be the first since Nixon. If Biden leaves with the deficit in worse shape than under Trump, he'd be the first Democratic president to do so since FDR and we know what was happening from '41 to '45.

Technically Biden will leave office with the deficit as a lower percentage of GDP than what he inherited from Trump, but if you throw out 2020/2021 then I believe Biden is on track to end with a higher percentage of GDP than Trump's last year prior to COVID (2019).

 

There is a high chance he thinks crypto mining is done in actual mines

 

Agreed. Almost certainly

 

You heard that and didn't just laugh at him?

Dude is a buffoon. That statement brought this picture of him to my mind.

 

I laugh, but I also fear, as he may well gain power and his idiotic rantings may become policy, supported by masses that either don't understand the implications or accept them as the price for their other goals

 

I was worried he would tell a more credible lie about his fake plans for crypto, and scare up some votes.

This buffoonery seems to eliminate that possibility. Nothing the crypto community would like more than some authoritarian dip$hit pointlessly regulating things in an authoritarian manner.

 

There is no benefit to any politician to be fiscally responsible. That ship sailed a looooong time ago. It’s a vote loser

 

Proof that the dumbest politicians are still smarter than the most credentialed deficit scold